The new myZoi Digital Wallet allows underbanked employees to send money home to up to five recipients for the cost of one transfer, significantly reducing remittance fees and promoting savings. This financial platform is designed specifically for underbanked employees while providing corporates with a secure, compliant, and fully digitized payroll solution. Committed to advancing six of the 17 UN Sustainable Development Goals, myZoi aims to empower the underbanked and enhance their financial inclusion and literacy.
Dubai, UAE – myZoi, a pioneering fintech dedicated to financial inclusion and literacy for the underbanked, has introduced the UAE’s first inclusive digital wallet. This launch comes after a successful $14 million fundraise from SC Ventures and SBI Holdings and securing two regulatory licenses from the Central Bank of the United Arab Emirates (UAE).
Syed Muhammad Ali, CEO of myZoi, expressed his enthusiasm, stating, “myZoi is thrilled to be the first fintech in the space to provide personalized and affordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families.”
The myZoi Digital Wallet aims to reduce remittance fees for underbanked employees through the UAE’s first “One-To-Many” transfer capability. This feature allows users to send money to up to five recipients for the cost of one transfer, significantly lowering costs for families. The wallet is set to revolutionize financial inclusion and literacy for underbanked employees in the UAE, offering a safe, convenient, and cost-effective solution for their daily financial activities, including domestic payments and instant fund transfers to their home countries.
In addition to the digital wallet, myZoi offers MoneyTips, an interactive gamified financial education program that covers responsible spending, sustainable budgeting, and money management.
Corporates and partners have welcomed myZoi’s payroll solution, which digitizes payroll without altering existing processes and enhances corporate ESG’s social elements. myZoi aims to support six of the 17 UN Sustainable Development Goals by improving the lives of the underserved and integrating them into the formal financial ecosystem.
myZoi has received the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II licenses from the Central Bank of the UAE. Recently, myZoi partnered with Apparel Group, one of the UAE’s largest retail conglomerates, to redefine financial inclusion for over 4,000 of their employees.
Rola Abu Manneh, Chair of the Board at myZoi and CEO of Standard Chartered UAE, Middle East, and Pakistan, commented, “We’re thrilled to see our homegrown startup, backed by SC Ventures, launch a digital wallet and tailored financial solutions specifically for the underbanked and their families. This innovation brings real change and social impact, providing practical solutions like affordable fund transfers and financial education.”
Derived from the Greek word “Zoi,” meaning “life,” myZoi’s mission is to improve the lives of the underserved. By including them in the formal financial ecosystem, myZoi aims to create opportunities for their families to access better education, healthcare, and save towards a better future.
